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of <h1>Reverse Mortgage Transactions Not Taxed as Transfers; Senior Citizens' Income Exempt Under Income Tax Act Sections 47(xvi) & 10(43).</h1> Section 47(xvi) of the Income Tax Act specifies that any transfer of a capital asset in a reverse mortgage transaction is not regarded as a transfer for tax purposes. This applies to transactions under a scheme notified by the Central Government, involving individuals transferring residential house property. The amount received by senior citizens from such reverse mortgage transactions, whether in installments or lump sum, is exempt from income tax under Section 10(43).
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